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Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

Article (news)

FUEL PRICE HIKE

Alvin Elchico

ABS-CBN News

Agence France-Presse

<p>MANILA -- Oil prices are going up by more than a peso in the last week of October, with diesel prices jumping by P2 per liter.</p><p>Petroleum companies announced the following price hikes effective Tuesday, October 28:</p><div> </div><div><strong>SHELL PILIPINAS, SEAOIL, CALTEX (effective 6 a.m.)</strong></div><p>Gasoline - P1.20/L increase</p><p>Kerosene - P1.70/L increase</p><p>Diesel - P2/L increase</p><div> </div><div><strong>PETROGAZZ, JETTI PETROLEUM, PTT PHILIPPINES, UNIOIL (effective 6 a.m.)</strong></div><p>Gasoline - P1.20/L increase</p><p>Diesel - P2/L increase</p><div> </div><div><strong>CLEANFUEL (effective 4:01 p.m.)</strong></div><p>Gasoline - P1.20/L increase</p><p>Diesel - P2/L increase</p><div> </div><p>Department of Energy (DOE) Assistant Director Rodela Romero said the main reason for the price hikes is the fresh sanctions imposed by the United States against 2 big Russian oil firms.</p><p>Oil prices jumped after US President Donald Trump targeted Russia&#x27;s key oil industry with new sanctions in a bid to end the war in Ukraine.</p><p>Trump on Wednesday announced new sanctions against Russia&#x27;s two largest oil companies, Rosneft and Lukoil, saying his peace talks with President Vladimir Putin were not going &quot;anywhere.&quot;</p><p>The move was joined by another round of punishment by the European Union as part of attempts to pressure Moscow to end its three-and-a-half-year invasion of Ukraine.</p><p>According to industry analysts the two companies account for just over half of Russia&#x27;s oil output, and both also produce natural gas.</p><p>Analysts at Capital Economics said the move &quot;could be a big enough shock to flip the global oil market into a deficit next year,&quot; although they said the impact depends on the effectiveness of enforcement measures.</p><p>Romero said the market sees that the sanction may make oil supply tighter in the next weeks.</p><p>Due to the hefty increase, the net price hike for fuel products from the start of the year has bloated to nearly P20 for diesel:</p><div> </div><p>Gasoline - P16.15/L increase</p><p>Diesel - P19.15/L increase</p><p>Kerosene - P6.55/L increase</p><div> </div><div><strong>MORE E-VEHICLES SOLD</strong></div><p>As fuel prices soar, more electric vehicles are sold in the Philippines.</p><p>Preliminary records from the Land Transportation Office  (LTO) showed that around 41,000 electric vehicles have already been sold in the country as of September 2025.</p><p>LTO Executive Director Greg Pua Jr. said that in 2023, there were 7,500 e-vehicles sold. By 2024, there were already 24,286 e-vehicles on the road nationwide. But by 2025, the number has surged to 41,800 units.</p><p>Some electric vehicles used as service for school children are not registered.</p><p>But the LTO insisted that these electric vehicles should be registered, even though no final decision yet has been promulgated about the regulation.</p>

<p>Oil prices are going up by more than a peso in the last week of October, with diesel prices jumping by P2 per liter.</p>

Oil prices are going up by more than a peso in the last week of October, with diesel prices jumping by P2 per liter.

Huge oil price hike set as October ends

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Huge oil price hike set as October ends

Alvin Elchico,

ABS-CBN News,

Agence France-Presse

Published Oct 27, 2025 10:04 AM PHT

|

Updated Oct 27, 2025 07:39 PM PHT

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